HOUSTON and KEMAH, Texas, March 6, 2015 (GLOBE NEWSWIRE) -- American International Industries, Inc. (OTCQB:AMIN) ("American" or the "Company") today announced the sale of 22 acres in Harris County, Texas by its subsidiary American International Texas Properties, Inc. ("AITPI") for $1,750,000 in cash. The property was purchased by Aldine ISD. Mr. Daniel Dror, Chairman and Chief Executive Officer of American stated, "The funds will be used for paying companies outstanding debt and repurchase of the companies own shares on the terms previously announced on June 26, 2014."
AITPI sold its 174 acres in Waller County, Texas, which closed on July 25, 2014, for a total of $3,350,018, comprised of a $2,000,000 two (2) year first lien promissory note and $1,131,630 of cash proceeds, resulting in a gain on sale of assets of $1,447,564. The $2,000,000 first lien promissory note was paid in full, without discount, in January 2015.
American is now focused on the business of real estate and its oil and gas subsidiary Brenham Oil & Gas. The Company believes that there will be opportunities to acquire valuable assets in Texas due to the decline in the oil prices.
American International Industries, Inc. is a diversified holding company of subsidiaries with interests in real estate, intellectual property, and the acquisition of petroleum resources in the United States, coupled with international exploration. The vision of the Company is to expand its interests in the energy sector through the acquisition of existing businesses, and apply its financial resources and management expertise to improve each subsidiary's revenues, operations and profitability.
Forward-Looking Statements:
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate in each of our segments reflected by our subsidiaries' operations include, among others: continued value of our real estate portfolio; the strength of the real estate market in Houston, Texas as a whole; the ability to expand its interests in the energy sector; increased levels of competition; the dependence upon financing, the rules of regulatory authorities and risks associated with any potential acquisitions. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.